I am old enough to remember some cameras that did not have flash sync and I remember when an f/3.5 was considered pretty run of the mill fast and f/2.8 was considered as very fast...
The terms fast and slow regarding the f/stops of lenses obviously evolves from the shutter speed you could use with the various f/stops. In equivalent light conditions and with the same film speed, of course, f/2.8 would allow you to use a faster shutter speed than f/4 or f/5.6, therefore f/2.8 is faster than f/4 or f/5.6...